Down Payment & Closing Costs

SAVE FOR DOWN PAYMENT & CLOSING COSTS

AFTER YOU ARE PREQUALIFIED YOU WILL KNOW WHAT THESE COSTS ARE, BUT HERE IS SOME INFORMATION TO KNOW AHEAD OF TIME

Typical down payments are 10-20% of property’s value

Special Loans such as FHA, VA and other various loans may allow smaller down payements (talk to your mortgage lender)

Some Lenders allow as low as 3-5% of the properties value

ALL down payments less than 20% will require an extra monthy PMI payment (Privat Mortgage Insurance)

What is Private Mortgage Insurance (PMI)?

Closing costs can include taxes and other fees, but you will be made aware of this cost from your Lender

Sellers & Lenders sometimes help with Closing Costs (ask for it in your offer)